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Chapter 5 vocab
| Term | Definition |
|---|---|
| Free Enterprise System | A system used to encourage individuals to start and operate businesses in a competitive system, without government involvement. |
| Patent | A property right meaning you alone owns the right to an invention or an idea |
| Trademark | A word, name, symbol, sound, or color that identifies a good or service and that cannot be used by anyone but the owner |
| Copyright | involves anything that is authored by an individual, such as writings, music and artwork. |
| Competition | The struggle between companies to attract new customers, keep existing ones, and take away customers from other companies |
| Price Competition | The sale price of a product; the assumption is that consumers will buy the product with the lowest price |
| Nonprice Competition | Competition based on factors not related to price, such as product quality, service, and financing, business location, and reputation |
| Monopoly | Is exclusive control over a product or the means of producing it |
| Business Risk | potential for loss or failure |
| Profit | The money earned from conducting business after all costs and expenses have been paid |
| Supply | the amount of goods producers are willing to make and sell |
| demand | refers to consumer willingness and ability to buy products |
| Domestic business | a business that sells its products only in its own country |
| Global Business | sells its products in more than one country |
| For- profit business | seeks to make profit from its operations |
| Non- profit organization | functions like a business but uses the money it makes to fund the cause identified in its charter |
| public sector | local, state, and federal government agencies and services, such as public libraries and state universities |
| Private sector | Businesses not associated with government agencies |
| Industry | Consists of a group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services |
| Derived demand | based on, or derived from, the demand for consumer goods and services |
| Wholesalers | Obtain goods from manufacturers and resell them to industrial users, other wholesalers, and retailers |
| Retailers | buy goods from wholesalers or directly from manufacturers and resell them to consumers. |
| Production | The process of creating, expanding, manufacturing, or improving on goods and services |
| management | The process of achieving company goals by effective use of resources through planning, organizing, and controlling |
| finance | the function of business that involves money management |
| Accounting | The discipline that keeps track of a company's financial situation |
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82RaiTur
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